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Essays on foreign stock listing

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Author

Ting, Yang

Date of Issue

2005

School

College of Business (Nanyang Business School)

Abstract

This dissertation consists of three essays on foreign stock listing. The first essay examines firms from 27 countries/districts that bypassed their home stock markets and conducted initial public offerings in the United Sates. We find that there is significant improvement in operating performance subsequent to their US IPO events, which is consistent with findings from previous studies that such firms are of a select group of high-quality and high-growth firms. These firms significantly underperform US and home market indices as well as similar US domestic IPO firms matched on size and industry after 1,3, and 5 years of seasoning. Coupled with findings from previous studies that such firms on average experience same underwriting costs and first-day underpricing as US domestic IPOs, our finding indicates that they face similar issue costs as US domestic IPO firms.